Tech firm LendingStandard raises $600K, lands big client
January 5, 2017 | Meghan LeVota
Kansas City-based tech firm LendingStandard announced Thursday that it’s closed on an angel capital round of $600,000.
CEO Andy Kallenbach said he’s pleased with the direction of the startup, which created software for multi-family lender organizations. Kallenbach added that he’s excited by what opportunities the financing affords LendingStandard.
“This investment will allow us to develop new targeted multifamily product solutions that will differentiate LendingStandard in the marketplace,” Kallenbach said. “Our early 2017 plans now include an additional, more substantial, investment round that will allow us to scale the business, add valuable team resources and to serve as the catalyst for new client and revenue growth.”
LendingStandard is a software-as-a-service platform on which multi-family lender organizations can receive and collaborate on documentation required to finance a commercial loan transaction. The platform helps cut about two months of work off the lending process thanks to collaborative tools and checklists that reduce errors and result in less expensive legal fees.
In other words, LendingStandard is reducing paperwork for an industry that has been stuck in the 80s. Kallenbach said that the paperwork often creates a struggle for multi-family lenders to complete, and frequently spurs additional problems.
“You may think that ‘it’s just a checklist, why can’t people just follow it?’ [about the paperwork,]” Kallenbach mused. “But, the problem is that everything is just so tedious, we’re talking over 100 different exhibits necessary for just one loan. “
Lending Standard in 2016 snagged Berkadia — the largest multi-family lender company in the United States — as a client.
“They are the 500-pound gorilla,” Kallenbach said. “I’m grateful to be working with the titan of the industry.”
After being located in downtown Kansas City for a year, LendingStandard moved to the Heartland House in Kansas City Startup Village last year. Kallenbach said the new location has made him feel at home in the community, adding that he loves what he does.
“I love being able to provide solutions to people doing tedious work and trying to make their job easier,” Kallenbach said. “I think a lot of satisfaction in our business has been able to help lenders do their job better.
In 2015, LendingStandard raised nearly $500,000. The startup also took part in the University of Missouri-Kansas City’s E-Scholars program and is a graduate of SparkLabKC.
2017 Startups to Watch
stats here
Related Posts on Startland News
Farmobile lawsuit claims dismissed, CEO says ‘Truth won out and justice was served’
A more than two-year legal dispute over trade secrets has hit a milestone, Farmobile announced Friday, as a federal judge dismissed all claims against the Leawood-based farm data firm. “We welcome the court’s decision. Truth won out and justice was served,” said Jason Tatge, CEO of Farmobile. “Farmobile takes great pride in the development of…
Edcoda founder after pivot to new edtech app Boddle: ‘I wish I had failed faster’
Clarence Tan held onto his startup Edcoda longer than he should have, the founder admitted, but his pivot to a new edtech learning app, Boddle, should prove a more filling fit for users. “Boddle has a much better underlying vision and mission, as well as being better in terms of how it would work in…
New STEAM Studio ‘pop-up’ lab planned for Rockhurst library along Troost
With its quiet atmosphere and stacks of source materials, the bottom floor of the Greenlease Library at Rockhurst University is a great place to study or do research. But it doesn’t necessarily strike one as a state-of-the-art design thinking and learning lab — yet. Starting this summer, that section of the university’s library will be…
City: Best way to avoid tickets in downtown KCMO, Crossroads? Pay via ParkMobile app
Unsafe parking conditions in the city’s downtown business districts have spun out of control, prompting increased ticketing, said Matt Staub. The ParkMobile app can reduce such headaches for motorists searching for an open spot along busy Kansas City streets. “People are kind of making up their own parking spaces, parking in ‘no-parking’ zones — all…